Tyratech Regulatory News (TYR)

10 Jan 2008 07:00

XL TechGroup, Inc.10 January 2008 Press Release 10 January 2008 XL TechGroup, Inc. ("XL TechGroup" or "the Company") TyraTech receives Arysta LifeScience milestone payments XL TechGroup (AIM: XLT), the creator of companies that solve identified, globalunmet market needs, is pleased to advise that its portfolio company, TyraTechInc. (AIM: TYR) ("TyraTech"), the pioneer of safer, effective and naturalpesticide products, has achieved development and financial milestones withArysta LifeScience Corporation ("Arysta"), as part of its 2006 exclusive globallicensing and co-development agreement to manufacture and market a number ofinsecticide products for certain horticultural markets. The milestone payments relate to achieving specific insecticide efficacy andcost targets for TyraTech Natural products in two of the licensed applications.Field testing for the lead product prototypes has been underway since late 2006,when an exclusivity payment was received. Dr John Scott, CEO of XL TechGroup, said: "Many horticultural pests havedeveloped resistance to traditional insecticides. As a result, the growingworldwide insecticide market is looking for safe, natural solutions that work,and TyraTech is perfectly positioned to bring its unique technology andexperience to bear. The Arysta partnership represents just one element of thebroad range of applications and markets for TyraTech's technologies. We arepleased with TyraTech's continuing progress in implementing its businessstrategy to plan, and we look forward to further positive developments over thecoming months." - Ends - For further information: XL TechGroup Inc.John Scott / Harold Gubnitsky Tel: +1 321 409 7403hgubnitsky@xltg.comChris Munden, Director of Investor Relations Tel: +44 (0) 20 7398 7720cmunden@xltg.com www.xltechgroup.com Nomura Code SecuritiesRichard Potts, Corporate Finance Tel: +44 (0) 20 7776 1200 www.nomuracode.com XL TechGroup media enquiries:Abchurch CommunicationsHeather Salmond / Gareth Mead Tel: +44 (0) 20 7398 7700heather.salmond@abchurch-group.com www.abchurch-group.com NOTES TO EDITORS About XL TechGroup XL TechGroup is in the business of significant value creation. Working withmajor international corporate and technology partners such as AES, Procter &Gamble and leading universities, XL TechGroup first identifies global unmetmarket needs and then targets and exploits these by the systematic creation ofsuccessful, disruptive technology businesses. These new companies are builtfrom scratch, and are then managed, developed and funded by XL TechGroup throughto the point of a trade sale or a stock market listing. XL TechGroup's unique and proven methodology selects the best opportunities inorder to create one-to-two new companies annually, where each company isexpected to achieve a realisable valuation of at least US$400 million withinfour years from its creation. It is XL TechGroup's aim to deliver significantshareholder distributions at the final exit from each company. XL TechGroup's companies to date are: • PetroAlgae LLC (www.petroalgae.com) • TyraTech Inc. (AIM: TYR, www.tyratech.com) • DxTech LLC (www.dxtech.com) • QuoNova LLC (www.quonova.com) • AgCert International plc (LSE: AGC, www.agcert.com) XL TechGroup has also established GenXL LLC as a joint venture to capture thevalue of those prospects that do not fully meet XL TechGroup's US$400 million,four year criteria but still demonstrate considerable potential worth. Over andabove XL TechGroup's core business model, GenXL has announced its firstinvestments and is reviewing a flow of opportunities from both XL TechGroup andGEN3 in order to generate new companies, standalone product lines and technologylicensing opportunities or an appropriate mix of these. For further information, see www.xltechgroup.com. About TyraTech, Inc. TyraTech is pioneering a new class of highly effective, pesticides andanti-parasitic compounds to address global agriculture, horticulture, functionalfoods, healthcare and veterinary markets. Using a revolutionary chemoreceptorscreening process, TyraTech has identified proprietary blends of natural oilsthat stimulate the reactions and biological behaviour of insects and parasitesso that they can be effectively repelled or killed. TyraTech's technologyprevents the development of resistance and avoids the environmental concerns andhuman health risks of chemical solutions whilst still being at least, if notmore, effective. The Company's products have been validated through strong partnerships withmultinational conglomerates operating within a growing US$23 billion worldwidemarket that is being increasingly driven by environmental legislation andend-user demand. TyraTech continues to develop new product applications based on safe, naturalingredients with a broad range of partners around the world. www.tyratech.com. This information is provided by RNS The company news service from the London Stock Exchange